Big Yellow buoyant despite revenue fall

<div>SELF-STORAGE firm Big Yellow Group yesterday reported a slump in quarterly revenues but said trading conditions were beginning to improve.<br /><br />Store revenue for the quarter was &pound;13.5m, six per cent lower than the &pound;14.3m recorded in the same period last year, but up one per cent from &pound;13.4m in the quarter to 31 March.<br /><br />Wholly-owned stores increased occupancy by 56,000 square feet during the quarter to reach 1,788,000 feet as of the end of June, two per cent down on last year but up three per cent compared to the previous quarter.<br /><br />Chief executive James Gibson said: &ldquo;Following the final statement in May, trading conditions have continued to show an improvement with a pleasing occupancy performance in June.&rdquo;<br /><br />&ldquo;We anticipate the usual seasonal slowdown in the autumn and continuing cyclical uncertainty but remain more cautiously optimistic.&rdquo;<br /><br />Big Yellow said it intends to open a further five stores this year, bringing the total number of outlets already open or planned to 70.</div>